HSBC to First Direct, How Long?

Davey_2

I have recently transfered what funds i had in my HSBC ISA to the new First Direct ISA to take advantage of the Interest rate. Filled in the forms, posted them off and waited. Checked HSBC online banking on Monday and the ISA seems to have been closed as theres no trace of it now in my accounts, however on checking my First Direct online banking the funds have not been credited to my ISA yet. I understand that it can usually take a while to transfer money by electronic transfer from a bank account to a different banks account but HSBC to First Direct is usually done in an instant as they're basically the same company. Am i right to be concerned or does this process usually take a little longer?

Thanks

Lychee

My HSBC ISA was closed on 6 May and one week later, I'm still waiting for it to be credited into FD. Surely the cheque wouldn't take more than 2-3 working days to arrive at FD, does it take even longer to credit my account?? Have sent messages to FD but no reply. I'd be interested to know if yours arrives in your FD account in less than a week! I'm really not happy with them as I posted the transfer forms to FD on 7 April and these were only sent to HSBC three weeks later.

Milarky

Nationwide ISA to First Direct ISA took 8 days in March. So you should experience no longer than this, hopefully?

newfoundglory

Milarky wrote:

Nationwide ISA to First Direct ISA took 8 days in March. So you should experience no longer than this, hopefully?

Thats because Nationwide is fast and efficient.

I transferred from Nationwide Instant ISA to HSBC just over a year ago. HSBC became uncompetitive, so i moved back to Nationwide into a members ISA account.

Product providers have 30 days to transfer out... Nationwide does it almost instantly (so Nationwide -> HSBC was fast), where as HSBC is slower (so HSBC back to Nationwide took longer)... I think its the paperwork and "administration" at the bank you are moving from...

US4

I transferred from Britannia to Nationwide 1st Mar, first chq went missing, I only found out by chasing Nwide as to why the ISA was not showing on my online accounts, Britannia didn't check their open chqs. 2nd chq to was sent back as it was unsigned by Britannia, 3rd cheque was dated 18th April, so Nwide could not back date the interest to 1 Mar, which the date should have been. 4th complaining phone call to Britannia resulted in them agrreing payment of lost 70 days interest; after I rejected their offer to cancel and reissue a correctly dated chq, thickos didn't realise Nwide had cleared the chq. They wanted to give me bacdated interest to 18th April but as it wa 5th May I disputed this, and it still took 5 days to arrive - so losing more interest.

They had the front to ask me to use Britannia in the future.

My advise chase HSBC to see if the chq has cleared, and chase FD to see if received.

Reaper

When I moved from IF to FD it took a long time as they were very busy, but they must have backdated the payment as in the end I just lost out on 7 days interest between one closing and the other opening.

Lychee

2 weeks... and it has finally shown up. FD claim that they only just received the cheque so I'm waiting for HSBC to confirm when they actually sent the cheque.

Davey_2

I recieved a statement from HSBC saying the ISA was closed on the 11th May, guess i've still got a few days to wait then before it shows up at First Direct

natalie1980_2

Ive been waiting since March for my ISA to be transferred from Halifax to Abbey, see my post on the thread "Abbey ISA Rant"

moomintroll_3

I transferred my Halifax ISA to FD, got a letter/statement on the 12th that they'd sent the cheque - took 'til the 20th for the money to appear in my FD ISA. Not impressed with losing 8 days interest but I guess its par for the course...

G